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Tuesday 17 April 2012

UK Financial News on 2012-04-17

Billionaire head of BTG Pactual faces trading investigation
Andr Esteves is under investigation for trading undertaken in his personal account in Europe in 2007.....

Ex-RAB chief comes in from the cold
Charles Kirwan-Taylor has re-emerged at a corporate intelligence firm that has been described as 'a retirement home for ex-MI6 officers'.....

Vega: defender of client assets
Former Tottenham Hotspur, Watford and Switzerland footballer Ramon Vega has set up an asset management firm based in London.....

Pension funds tipped for $3.5trn infrastructure spree
Pension funds worldwide are forecast to plough $3.5 trillion into new infrastructure projects over the next decade.....

Gold bull stops raging
Rising correlation with other risk assets has prompted Schroders, one of the longest-standing gold bulls in the industry, to take profits on gold.....

Credit Suisse moves to up the ante in physical ETF market
Swiss bank switches majority of synthetic funds to physical model in bid to dominate the sector in Europe.....

John Holmes quits as Agency Partners head
City veteran best known for roles at Hoare Govett and Morgan Grenfell quits research boutique.....

More bankers join the buyout debt bonanza
Ex-Citigroup sponsors specialist has co-founded a debt advisory firm.....

Northill Capital takes control of Securis
Investment firm set up by billionaire Bertarelli family and fund manager Jon Little makes first big asset management buy.....

LSE enjoys mini trading revival
UK exchange's share of European equities trading hits near-20-month high in March.....

Shock rise in UK inflation rate
Inflation in the UK rose to 3.5% on the Consumer Prices Index (CPI) measure in March, driven by food prices......

IMF raises global growth forecast
The International Monetary Fund says "some optimism has returned" to the global economy as it predicts slightly faster growth......

Yahoo sees profit rise in quarter
Struggling Internet firm Yahoo sees its net income rise 28% to $286m in first three months of the year......

Aquascutum enters administration
Luxury clothing retailer Aquascutum, best known for its trenchcoats, has gone into administration, putting about 250 jobs at risk......

M&S knocked by shortage of stock
Like-for-like sales at Marks and Spencer fell 0.7% in the 13 weeks to the end of March, after some areas of its womenswear fell short of stock......

Public workers plan strike in May
NHS workers and civil servants are to strike on 10 May, a day after the Queen's speech, over their pension dispute......

Intel beats analysts' forecasts
The world's largest maker of computer chips, Intel, posts first-quarter revenue of $12.9bn and net earnings of $2.7bn......

Goldman profits decline to $2.1bn
US banking giant Goldman Sachs profits fell to $2.1bn (1.3bn) in its latest quarter, but still beat expectations......

House prices up in past 12 months
House prices in the UK are barely higher than a year ago, according to the government's house price index......

Vodafone threat in India tax row
Vodafone threatens to take India to international arbitration over proposed retrospective tax legislation......

Emerging markets boost Coca-Cola
Coca-Cola reports a 6% rise in quarterly sales thanks to strong growth in the key emerging markets of India, China and Brazil......

Spain's short-term rates increase
Spain's cost of borrowing for 12 or 18 months rises sharply ahead of Thursday's longer-term bond auction......

Italy leads drop in EU car sales
Car sales in Italy were down 26.7% in March compared with a year earlier, leading the falls in European car sales......

Fewer boiler room fraud victims
There were fewer boiler room frauds last year, despite more attempts being made to con people into buying worthless shares, the financial regulator says......

Spain warns Argentina of 'damage'
Spain says Argentina has shot itself in the foot with its decision to nationalise the Spanish majority stake in the YPF oil company......

Mortgage lending 'up in February'
UK mortgage lending picked up in February, according to the latest figures from the Council of Mortgage Lenders......

Consultation on charity tax plan
Downing Street says there are "various options on table" to limit the tax relief on charitable donation and ministers want to "get the balance right"......

China increases US debt holding
China increases its holding of US debt for the second month in a row as its foreign exchange reserves continue to rise......

Gas extraction 'should continue'
A controversial technique to extract shale gas, known as fracking, should continue in the UK, but with measures to minimise earthquakes, experts say......

Japan to give IMF $60bn in loans
Japan to give the International Monetary Fund $60bn (38bn) in loans to ease the problems caused by the European debt crisis......

JCB sees record 2.75bn turnover
Digger firm JCB reveals the best financial results in its 66-year history, with a 2.75bn turnover for 2011......

Milk plants face 470 job losses
Up to 470 jobs are under threat at two Dairy Crest plants in Aintree and Fenstanton in Cambridgeshire......

Citigroup quarterly profits fall
US banking giant Citigroup says its quarterly profits have declined amid "uncertainty" over the global economy......

Gers talks continue with bidders
Duff & Phelps hopes to name a preferred bidder this week after holding talks with the two remaining Rangers bidders......

Protesters target 2012 sponsors
Human rights and environmental pressure groups join forces to campaign against three sponsors of the London Olympics......

PFA chief 'amazed' by video delay
PFA chief executive Gordon Taylor believes Fifa's current refusal to use video technology during games is "perverse"......

VIDEO: UK's biggest digger auction
The UK's biggest construction equipment auction is to get under way on Tuesday......

VIDEO: Unexpected rise in rate of inflation
There has been an unexpected rise in the rate of inflation driven by the price of food, fuel and clothing......

AUDIO: 'Pay your taxes before charity'
As the debate over whether to limit tax relief on charitable donations rumbles on, Polly Toynbee, writer, commentator and Guardian columnist, and John Low, chief executive of Charities Aid Foundation, debate the arguments in favour of the policy......

VIDEO: World Bank boss sets priorities
The World's Bank's new president, Jim Yong Kim, has said that capitalist "market-based growth is a priority for every single country"......

VIDEO: Life for unemployed in Newcastle
With the latest unemployment figures due to be released in the next few days, Anna Adams reports from Newcastle where the economic climate is being particularly felt hard by the city's jobless......

VIDEO: What to do when an airline goes bust
When an airline goes bust you can be left stranded. So what are your rights and how do you get home?.....

VIDEO: Heseltine: UK will join euro one day
The UK will join the euro currency one day, the former Deputy Prime Minister Michael Heseltine said. However, he doubted that it would be next week or next year......

VIDEO: Shock rise in UK inflation rate
Inflation in the UK rose to 3.5% on the Consumer Prices Index (CPI) measure in March, driven by food prices......

Costing less to see your garden grow
It is costing less to see your garden bloom.....

Cambodia's stock exchange begins trading
First shares begin trading in Cambodia......

Can images stop data overload?
Is data overload paralysing your thought processes?.....

Why Moroccans set themselves on fire to get a job
Would you set yourself on fire in order to get a job?.....

Store card debtors may be let off
Are the debts on your branded store card unenforceable?.....

Strong Q1 to give Intel another boost in Q2: StarMine
April 17 - After reporting better-than-expected earnings in the first quarter, expect Intel to beat again in the next, according to exclusive StarMine data......

U.S. Day Ahead: BlackRock's Fink to bet big on stocks
Correspondent Aaron Pressman......

Saft: ECB doesn't need an elephant gun for markets
columnist Jim Saft says the ECB doesn't have to repeat the past and muscle the market into submission to spare Spain......

Trading at Noon: Market giants report earnings
April 17 - Goldman Sachs and Coca-Cola beat estimates; keep an eye on IBM, Yahoo and Intel reporting after the bell......

Breakingviews: Goldman in the middle
April 17 - Jeffrey Goldfarb and Antony Currie discuss the benefits of looking average for the time being for Goldman......

Rally on strong corporate report cards
April 17 - Stocks rise on earnings strength, including better than expected numbers from Goldman Sachs, Coca Cola and Johnson & Johnson. Bobbi Rebell reports......

3XSQ: Goldman outperforms, Superman sale
April 17 - Goldman Sachs reports a profit that signficantly topped expectations, and the check that bought Superman rights auctions online......

Intel could see big results surprise on chips: StarMine
April 17 - 'Undervalued' Intel could beat earnings estimates by $0.05 thanks to projected demand for its new processor according to a top rated StarMine analyst......

Spain's debt costs jump
April 17 - Spanish borrowing costs jumped at a debt auction on Tuesday but the sale went smoothy and investors are now looking ahead to a key longer-term auction on Thursday. Sonia Legg reports......

Exclusive: China's Bo Xilai flirted with turning wife in
sources reveal fallen Chinese leader Bo Xilai said he would support an investigation into his wife for suspected murder, before turning his back on his own police chief to cover it up......

Market Pulse: Spanish yields jump at debt auction
April 17 - Yields jump but solid demand offers some comfort as Spain gets away a sale of short-term debt, but the pressure stays high ahead of Thursday's benchmark bond auction......

Details emerge in UK businessman Neil Heywood death
April 17 - Additional information is emerging about the death of British businessman Neil Heywood and his connection to the wife of a rominent Chinese politician Bo Xilai. Julie Noce reports......

Breakingviews: Portugal not Greek yet
Breakingviews......

Reuters Today: Spain debt costs set to leap
April 17 - Spain will see its borrowing costs leap when it sells short-term debt later today......

U.S. Morning Call: Buffett Rule fails U.S. Senate vote
April 17 - Senate Republicans block President Obama's "Buffett Rule" legislation which would have put a 30 percent minimum tax on millionaires......

Spain threatens Argentina after YPF seizure
April 17 - Repsol's CEO announces legal action against Argentinan President Cristina Fernandez's decision to seize the Spanish oil giant's shares in YPF. Ciara Sutton reports......

Monday market mix
April 16 - Summary of business headlines: Wall Street ends mixed; Shoppers buy-in to improving economy; Spanish bond yields rise above 6 percent; Citigroup earnings beat forecasts; Schwab results in line; Mattel misses on higher Barbie prices; New Wo.....

Brazil's bulletproof bonanza
April 16 - Brazilians are adding a new accessory to their cars - bulletproof windows and doors - as residents of the world's seventh largest economy try to protect themselves from high rates of kidnapping, murder and robbery. Conway G. Gittens report.....

Looks count for Citi
April 16 - Citigroup's first-quarter profits beat Wall Street forecasts as the bank spruces up retail branches in an effort to make a comeback after the financial crisis and multiple government bailouts. Bobbi Rebell reports......

U.S. Day Ahead: Goldman faces earnings flak
Breakingsviews Columnist Antony Currie......

StarMine: 'Undervalued' Goldman set for big beat
April 16 - Goldman Sachs could see earnings of $4.00 a share instead of $3.55 when it reports Tuesday morning before the bell, according to exclusive StarMine data......

Fiat's new car is made in Serbia
April 16 - Italy's Fiat unveils its new 1-billion-euro production line in the Serbian industrial town of Kragujevac, where the carmaker's 500L model will be produced for sale by late 2012. Sonia Legg reports......

Americans shopping despite gas spike
April 16 - U.S. retail sales jumped in March after a healthy gain in February as the American consumer kept spending despite higher gasoline costs. Conway G. Gittens reports......

Trading at Noon: Home building slumps, retail sales rise
April 16 - The home builders' housing market index fell, suggesting the housing market is finding a bottom and U.S. retail sales were up in March......

Breakingviews: U.S. bank bonanza
April 16 - Jeffrey Goldfarb and Breakingviews columnists discuss what the first-quarter results from Citigroup, JPMorgan and Wells Fargo mean for shareholders......

Warren Buffett diagnosed with prostate cancer
World's most successful investor to begin treatment in July.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e7b4c81/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1323093570.....

IBM profits rise 15pc as Intel eyes smartphone market
IBM has raised its full-year outlook after posting a 15pc rise in first-quarter earnings, while Intel said its processors would soon debut in smartphones.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e7b3943/m.....

Pfizer 'to sell infant nutrition business to Nestle for $9bn'
Drug maker Pfizer is close to a deal to sell its infant nutrition business to Swiss food giant Nestle for at least $9bn, the Wall Street Journal reported on Tuesday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s.....

Tesco's UK profits 'to fall for first time in 20 years'
Britain's biggest retailer to publish full-year figures on Wednesday.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e7b02d5/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

Debt crisis: as it happened, April 17, 2012
Italy pushes back goal for balanced budget by a year to 2014 and estimates far bigger contraction in its economy this year, new forecasts to be approved by cabinet tomorrow show.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Marks & Spencer chief Marc Bolland may need to prepare for humble pie next Valentine's Day
He's a cheap date, that Marc Bolland, the Marks & Spencer chief executive. His idea of Valentine's Day is a 20 "dine in" special for two - three courses, bottle of Cava and box of chocs.<img width='1' height='1' src='http://telegraph.feedsport.....

Italian PM Mario Monti to cut economic growth forecasts for 2012
Mario Monti is set to cut Italy's economic growth forecasts for 2012 in a move that will cast doubt on the viability of his austerity programme in the face of the advancing debt crisis.<img width='1' height='1' src='http://telegraph.feedsportal.co.....

Debt crisis: Live
Italy pushes back goal for balanced budget by a year to 2014 and estimates far bigger contraction in its economy this year, new forecasts to be approved by cabinet tomorrow show.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Citigroup shareholders revolt over chief Vikram Pandit's pay
Citigroup shareholders have emphatically rejected the bank's executive pay plan in a major embarrassment for one of the world's biggest banks.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e7a47de/mf.gif' borde.....

Britain faces 50bn more spending cuts and tax rises to cover elderly care, warns IMF
To cover age-related care and get debt under control, a 'second generation' of UK austerity is needed, which would outstrip programmes in both Greece and Portugal.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1.....

Facebook advertising costs jump
The cost of advertising on Facebook has soared over the past year, even though the social network has doubled the number of ads on each page.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e7a4300/mf.gif' border.....

Italian PM Mario Monti to axe economic forecasts for 2012
Mario Monti is set to axe Italy's economic forecasts for 2012 in a move that will cast doubt on the viability of his austerity programme in the face of the advancing debt crisis.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/327.....

Shock 0.7pc fall in M&S sales after it runs out of knitwear
Marks & Spencer admitted it had scored an embarrassing "own goal" after it failed to stock enough leopard-print tops, cardigans, jumpers and ballet pumps, severely denting its sales in the first three months of 2012.<img width='1' height='1' s.....

IKEA to sell TVs and sound systems
Flat-pack furniture took a leap into the future as IKEA announced it is pressing into the electronics market with a range of TVs and sound systems built into its units.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56830.....

IMF spells out the risks to recovery
There has been a subtle shift in tone at the IMF since Lagarde took over.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e79d4b1/mf.gif' border='0'/>.....

Vodafone seeks international arbitration proceedings in India tax row
Vodafone has escalated its landmark tax row with India by serving the government with notice of its intention to launch international arbitration proceedings.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e79d4.....

BBC cutbacks spur investors to switch to ITV
While the BBC's talent show, The Voice, might be beating ITV's Britain's Got Talent in the ratings battle, the commercial broadcaster proved a hit with analysts.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e7.....

European car sales at lowest in 14 years
Sales slump by 26.7pc in Italy, 23.2pc in France and 4.5pc in Spain.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e79ce8b/mf.gif' border='0'/>.....

Lord Wolfson sees bonus cut despite record profits at Next
Lord Wolfson, the chief executive of Next, has seen his bonus cut, despite the clothing company posting record levels of profit.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e79cba5/mf.gif' border='0'/><.....

Barack Obama cracks down on oil traders
Barack Obama pledged to put more "cops on the beat" to oversee the oil market, as he went on the offensive with a range of curbs to stop traders from driving the oil price higher.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32.....

UK 'could become one of world's biggest shale gas producers'
Britain may have enough offshore shale gas to catapult it into the top ranks of global producers, energy experts now believe.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e7984ef/mf.gif' border='0'/><br/.....

IAG could see 80m knocked off bmi price after failure to sell bmibaby and bmi Regional
Lufthansa's attempts to sell bmibaby and bmi Regional suffer setback.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e7984f0/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1.....

Repsol vows to fight for $10bn compensation over Argentinian plans to seize control of oil group YPF
Repsol vows to fight for compensation of at least $10bn from YPF seizure.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/1e75f5c6/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com.....

Burberry shares fall as sales growth slows
Burberry shares dropped after the British luxury goods retailer reported a worse-than-expected 18pc rise in first-half sales on strong demand in Britain, France and China.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/56.....

Is Marks & Spencer suffering from a lack of confidence?
Marks & Spencer was the first UK retailer to make 1bn of profit. It has been, despite all its ups and downs, Britain's biggest clothing chain for more than a generation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....